Jeff,
They do review some of their trades manually before sending to the
appropriate place. However, 5 minutes for the review process is NOT
adequate or acceptable and Schwab would agree. If that happened to
you and it affected your fill price, then you should discuss it with
a manager there. Normally, it takes literally only a few seconds. In
heavy volume markets, 60 seconds is reasonable. These times are rare.
They do have automation for most of this stuff and they even relax
them some during heavy markets. Keep in mind, if that happens and
you accidentally buy 3000 shares when you only wanted 300, then you
are still responsible if they can't bust it. Overall, the impact to
you is quite minimal (if at all) and if you ever feel you are due a
fill and it turns out you actually are, they will honor it. If there
was ever an honest brokerage firm on your side, Schwab is it. They
aren't out to screw anyone. Good luck.
RR |
